India’s dynamic digital payments ecosystem is garnering global attention. Government data reveals that digital transaction volume in the country surged from Rs 2,071 crore in FY2017-18 to Rs 13,462 crore in FY2022-23, growing at a CAGR of 45%. With numerous options available, consumers often struggle to choose the best payment tool. This choice becomes even more challenging when comparing credit cards to debit cards.
While credit cards are known for offering discounts, rewards, and cashback deals, debit cards are often seen as basic products. However, today’s market offers multiple debit card options that blend convenience and security with world-class benefits. Here’s a list of five debit cards to enhance your travel and luxury experience this season, as compiled by Mastercard, considering travel benefits, hotel memberships, complimentary lounge access, dining discounts, and low forex markup fees.
YES Private Debit Card: This card offers numerous features and privileges across categories like travel, wellness, and lifestyle, specifically targeting ultra-high net-worth individuals (UHNIs) such as affluent professionals and entrepreneurs. Key features include a 24×7 lifestyle concierge for managing extraordinary experiences, including private jets, airport limos, chauffeured car services, e-gift vouchers from Oberoi Hotels and Resorts for bookings, dining, and spa experiences at select properties, and unlimited access to domestic and international airport lounges.
SBM World Elite Metal Debit Card: This card provides exclusive privileges for ultra-affluent cardholders, such as complimentary Taj Epicure membership, unlimited airport lounge access, privileged access to premium hotels, resorts, and Michelin-star restaurants. The primary cardholder can save $1,000 on private jet bookings, and the card has no cross-country markup charges.
ICICI Mastercard World Debit Card: Cardholders can avail a variety of discounts and rewards from partner merchants. Benefits include two free accesses per quarter to selected domestic and international airport lounges, complimentary personal accident insurance, and air accident cover. It also offers zero liability protection against unauthorized purchases, loss, theft, or misplacement of the card.
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Canara Bank Mastercard World NRI Platina Debit Card: Designed for NRE/NRO customers, this card provides two free accesses per quarter to selected domestic and international airport lounges. It also offers complementary air accident insurance cover of Rs 8 lakh and baggage insurance. The card has a POS transaction limit of up to Rs 5 lakh at merchant outlets and a cash withdrawal limit of up to Rs 1 lakh per day.
IndusInd World Exclusive Debit Card: Catering to the emerging affluent segment, this card offers two free accesses per quarter to selected domestic and international airport lounges. It has a partnership with BookMyShow, offering a buy-one-get-one-free scheme on movie and event tickets, with three free tickets per quarter worth up to Rs 500 each. The card also has no cross-country markup charges.
Utilize your debit cards with travel, shopping, and dining benefits wisely. Maintain a disciplined approach to spending with debit cards, as they are linked to your bank savings account. Overspending can impact your monthly budget and savings. Insufficient balance in the account can cause your loan EMIs to bounce, affecting your credit score.